The “seller” will buy back these two tracks with the proceeds of MUD bonds he sold to reimburse himself for advancing $8 million for utilities improvements.

I walked into a 55k triplex with drop ceilings stained and falling down, rats fighting to get off sticky traps, no HVAC or separate utilities, and the back foundation dropped so much the floor buckled.

City has liens on them for cleanup and unpaid utility bills.

.- Underestimating utility bills.- THE BIGGEST ONE: underestimating or completely excluding vacancy and maintenance reserves.

This at least would get someone else paying utilities.

I will try to utilize that strategy hope you don't mind if I send you an invite to connect. 

What utilities does the owner pay, if any?

During the process it was indicated by the seller that utilities were to be available onsite.

look at utilities and other added benefits you could upsell to your tenants, but it looks like you have a great deal, just screen properly and be professional firm and courteous to your tenants.

But, they also keep building apartments that are under utilized.